The conditions will relate to asset sales in line with what the energy regulator has already proposed. The government wants the merger to go ahead to create a large energy group which controls both gas and power.

We'll see some companies taking the pinch from rising costs such as fuel. Some industries will be reporting lackluster earnings because of this.

This was the year to be in Europe, but the tables have now turned, and 2006 will be a different story.

Our energy costs increased more than expected in the fourth quarter. Production and sales volumes in Europe were also relatively low in this period, partly because of high sales in the second and third quarters.

Government destitute of energy, will ever produce anarchy

We will do everything in our power to ensure that Spain's energy companies remain Spanish. The government believes Spain should have strong national companies with independent decision-making power in strategic sectors such as energy.